The market town of Chard in Somerset has been named the property hotspot of 2024 so far, with house sales doubling year-on-year.
That’s according to a new report by Rightmove, which found the uplift in property market activity is being driven by more people buying detached houses.
Read on to find out whether your town made Rightmove’s list, and for advice on what’s happening to house prices and mortgage rates.
The top 5 property hotspots
Rightmove has analysed the number of agreed sales across Great Britain so far this year, and compared the data to last year’s figures to name its hotspots.
1. Chard, Somerset
- Average asking price: £245,000
- Year-on-year increase in sales: 123%
Home of the Henry vacuum cleaner, the town of Chard in Somerset is situated close to the Devon and Dorset borders.
The town is steeped in history, with its existence first recorded in 1065. These days, it’s known for its markets and proximity to the Blackdown Hills.
For commuters, the town is within easy reach of Taunton (15 miles) Yeovil (20 miles) and Exeter (30 miles).
2. Hilton, Derbyshire
- Average asking price: £287,000
- Year-on-year increase in sales: 112%
10 miles to the east of Derby (pictured), the village of Hilton has seen a big increase in popularity with homebuyers.
Terraced homes in the village sell for around £220,000, while detached family properties are listed at around £350,000-£400,000.
3. Padgate, Cheshire
- Average asking price: £229,000
- Year-on-year increase in sales: 112%
Padgate is a suburb of the town of Warrington, situated around 15 miles from Manchester and 20 miles from Liverpool.
Direct trains into Liverpool take around 45 minutes. Manchester is an hour away by train, factoring in a change at Warrington.
4. Caerphilly, Wales
- Average asking price: £249,000
- Year-on-year increase in sales: 104%
The town of Caerphilly in Wales is around seven miles from Cardiff and 12 miles from Newport.
Caerphilly is famous for its medieval castle, which was originally built in the 13th century.
The town is ideally located for those who love the outdoors, with an expanse of rolling countryside and great views from Caerphilly Mountain.
5. Keynsham, Somerset
- Average asking price: £377,000
- Year-on-year increase in sales: 97%
Keynsham is equidistant to the cities of Bristol and Bath, with direct trains to both cities taking just 10 minutes.
Perhaps unsurprisingly given its convenient location, property prices are high – a detached house will set you back around £500,000.
The towns that just missed out
The following towns were ranked between 6th and 10th in Rightmove’s analysis. All boasted year-on-year increases in agreed sales of at least 90%.
Detached houses behind sales uplift
Rightmove’s says that overall the number of agreed sales in Great Britain is up 13% year-on-year.
It says this rise has primarily been driven by sales of detached houses, as shown in the table below.
The portal says there are a couple of reasons for bigger homes selling more quickly.
Tim Bannister of Rightmove says: ‘For a long period, there was very little availability of larger homes. With not much choice of property to move to, this deterred some sellers from coming to market.
‘Now, rates have come down from their peak, whilst prices have remained stable, and we have a group of larger home sellers who are seizing the opportunity to come to market.
‘The increased choice is being met with more demand, resulting in higher numbers of sales.’
Will house prices rise this year?
House prices fell slightly in 2023, and the latest data from the Land Registry shows a 0.6% year-on-year drop this January.
However, Rightmove, Nationwide and Halifax are all now recording slight price rises in their monthly indices.
Overall, 2024 could be a quiet year for prices, with most experts anticipating either a small rise or small drop.
If mortgage rates fall later this year, this may result in more people coming to the market and houses achieving higher values.
At the moment, however, the market is very price sensitive, with buyers holding the upper hand when it comes to negotiating down asking prices.
- Find out more: what’s happening to house prices?
The latest on mortgage rates
If you are thinking of buying a home this year, see our guide on the latest mortgage rates to find out the best deals currently available and which lenders are topping the table.
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